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It's Friday!
at 2007-02-06 15:26:22
Go make some good trades, and finish the week strong!
If you get bored, see how many people you can kill!
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Tags:
trader-x
Watch the OR high and low
at 2007-02-06 15:26:22
I always preach that if you enter below the OR high or above the OR low, you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a move to the corresponding Fibonacci extension.
Here are two examples from Friday of the OR low providing support. You can still make money off of these trades, but
UA - 012207; 15-minute chart
at 2007-02-06 15:26:22
posted by Tom C:
I could not take my eyes off UA this morning - it gapped down and after a strong first bar started testing the OR low. Bars 2 and 3 narrowed, and bar 4 was the NRM. It was almost a hanging-man, but more of a doji...it was just sitting on top of the OR low with a declining 5MA overhead.
I entered on a break of the OR low, and covered 1/2 at the Fibonacci extension of the previous
CFHI - 012207; 15-minute chart
at 2007-02-06 15:26:22
Tom mentioned the CFHI trade in his post. Here is the chart*, and I will let you answer the three questions on your own.
*as with any entry below/above a previous high/low (in the case of my charts, the opening range (OR) high/low), you need to watch for resistance/support as price approaches those levels. If it stalls, you want to exit. If it breaks through, the odds are good you will have a
CAL - 012307; 15-minute chart
at 2007-02-06 15:26:22
posted by Tom C:
A great short - the only thing that keeps this from getting an "A+" grade is that the entry is above the OR high.
Jamie made this same trade.
And, Victoria made a good trade on the 10-minute chart.
Et tu Estocastica?
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Tags:
trader-x, stocks, fibonacci, trading, cal
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